SSI Group prices at top of range

The Philippines retailer for luxury brands such as Prada, Gucci and Burberry raised $166 million amid paltry market conditions.

Philippine retailer SSI Group raised $166 million in an initial public offering after pricing shares at the top of the range, making it the country’s largest flotation this year.

The retailer sold 864.2 million shares at 7.50 pesos per unit, representing 26.1% of the enlarged share capital. The 7 pesos to 7.50 pesos per unit indicative price range was revised down from 12.50 pesos per share originally, and clearly resonated well with institutional investors the...